For 24 consecutive years, the City of Lathrop has earned the Government Finance Officers Association’s Certificate of Excellence in Financial Reporting.

According to a news release put out by the organization – which is comprised of government financial officers across the United States and Canada – it was the city’s comprehensive financial report for the fiscal year that ended on June 30 of 2020 that earned the most recent accolade.

According to the release, the report was judged by an “impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report.”

For Lathrop City Manager Steve Salvatore, the recognition is simply a continuation of a long streak of ongoing transparency and a testament to the work that city staff puts in to help keep the public informed about the state of the city’s financial position.

“I am very proud that our Finance Department has once again received the Certificate of Achievement for Excellence in Financial Reporting Award from the Government Finance Officers Association,” Salvatore said. “For 24-years-in-a-row, the City of Lathrop has received this prestigious honor because of our dedication to transparency and openness with our finances.

“To receive this recognition, a panel of experts who have specialized expertise in governmental financial reporting review our annual comprehensive financial reports against the most stringent standards and qualifications for eligibility.”

And not even the COVID-19 pandemic and the ensuing economic uncertainty that it brought has prevented Lathrop from maintaining the high standards that the recognition calls for.

After San Joaquin County distributed funding to cities in the county that participate in the Urban County Cooperation Agreement – money that was made available through the CARES Act – Lathrop created an eligible funding program that allowed it to best utilize the Community Development Block Grant funding that it was receiving from the Department of Housing and Urban Development.

Lathrop used every dime that it was awarded to fund the Emergency General Assistance Grant Program – aimed at helping residents and families that had been financially impacted by the pandemic.

Through three rounds of funding, the city doled out $134,939.80 to 55 eligible households out of the 118 that submitted applications – serving 191 Lathrop residents that likely would have otherwise done without.

Other cities in the area that participate in the same program that made Lathrop eligible to receive the funding have, to date, not allocated any of the money that they received.

“In an era where some cities are facing receivership and other legal ramifications due to their inability to maintain the proper financial standards, Lathrop is continuing to set itself apart with its stability and fidelity,” Salvatore said. “This award is considered the highest form of recognition in governmental accounting and financial reporting, and our 24-year streak of meeting its bar represents a monumental accomplishment by city staff.”

To contact reporter Jason Campbell email jcampbell@mantecabulletin.com or call 209.249.3544.